Condo buyers shatter records at Franklin Crossing in 2021
2021 was record-setting year at the Franklin Crossing Condos in Franklin, MA. Not only was there a new all-time high average sale price at the Franklin Crossing condo community, but
at $260,000, the highest price paid for a unit at Franklin Crossing in 2021 also set a record.
Most important recordof all
But what was the most important price record shattered at Franklin Crossing during 2021 was the all-time high prices paid for Franklin Crossing units that had their original kitchens and baths.
These units all had the the original 1980s “Euro-style” wood laminate kitchen cabinetry that was installed when the condos were constructed back in the 1980s. A few had varying degrees of bathroom updates, but most had their original bathrooms as well.
The prices paid for these units during 2021 ranged from $224,500 – $240,000. These were the highest prices ever paid at Franklin Crossing units with original kitchens and baths. The prices were roughly $40,000 per unit higher than the prices paid for such units in 2019 – 2020.
What this means for owners of condos at Franklin Crossing is that even if your kitchen and bath is original, you can sell your unit for a lot more than you paid for the home. In 2022, you will be able to sell at a premium price without the premium upgrades!
The market for condos at Franklin Crossing in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.
While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.
For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.
If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.